Commodity markets are experiencing significant bearish momentum, particularly in corn, as reported by Walsh Trading's Tim Healy. Corn prices have dropped to 479.75, which is over 18 cents below its 7-day average. The moving-average alignment is fully bearish, with the 7-day average below the 14-day and the 14-day below the 21-day. This downtrend has accelerated, with prices now approximately 38.77 cents below the 21-day average. Healy warns against interpreting a one-day bounce as a technical recovery, emphasizing the need for a stronger reversal signal above the 511 to 519 moving-average zone.
Soybeans are showing a more neutral trend, with prices at 1292.00, just 3 cents above the 7-day average. However, they remain below the 14-day and 21-day averages, indicating a consolidation phase rather than an accelerating decline. A close above 1299 to 1304 would improve the technical setup, while a break below 1284 to 1289 would reinforce the bearish trend.
Wheat is also experiencing a bearish trend, with prices at 671.00, over 15 cents below the 7-day average. The moving-average alignment confirms a bearish structure, with shorter-term prices progressively weaker. Wheat would need to recover the 683 to 686 area to stabilize, with a more important reversal zone at 693 to 703.
Overall, corn is the weakest of the three markets, while soybeans have the strongest relative setup. Healy advises caution and highlights the need for significant price movements to indicate a technical recovery.